What Georgia congressmen said about GOP tax ideas

Tax rates would be reduced to three-12 percent, 25 percent, and 35 percent-from the current seven. "It also promotes economic growth and private-sector job creation by slashing the corporate tax rate - now the highest in the developed world - and ensuring fair treatment for small businesses". That could save a $500,000-a-year executive $23,000.

The proposed 20 percent corporate tax rate is "below the average of other industrialized nations", Trump said at a speech in Indiana.

When asked if they support Trump's tax plan, opposition outpaces support by 44 percent to 28 percent, with almost 3 in 10 saying they have no opinion.

He also said the United States has one of the highest business-tax rates in the world and cutting them will again make the country "super competitive".

The plan aims to simplify our current tax code. Tax reform is about one thing: "Restoring the hope of prosperity for American workers, their families, and, most importantly, the next generation".

More people would be eligible for the Child Tax Credit, helping low-income working families. "Very, very strongly I think there's very little benefit for people of wealth". A new pass-through rate of 25 percent is created to help people who own their own businesses. They see a current tax code that benefits politically connected special interests. The Alternative Minimum Tax, or AMT, was made to make sure the top American earners were paying taxes at all-even if it wasn't much.

An end to taxation of USA companies' worldwide income and a move to a territorial system.

The group says "tens of millions of middle-class taxpayers of every political affiliation" would experience a greater tax burden if the deduction were eliminated. The AMT raised the USA government about $38 billion in 2017.

In April, Trump unveiled a similar plan that he called the "biggest" tax cut ever - with the same lower rates for individuals and chopping the corporate rate to 15 percent. It will put more money in the pockets of hardworking Americans.

Right now, the administration isn't attaching income levels to tax brackets. So wealthy businesspeople who might otherwise pay at least 35 percent on that income would pay 25 percent, Gleckman notes. Few corporations now pay the 35 percent, thanks to loopholes.

"We will cut taxes tremendously for the middle class", Trump said Tuesday while flanked by members of the House tax-writing committee, including Chairman Rep. Kevin Brady, R-Texas, and Massachusetts Rep. Richard Neal, the panel's top Democrat.

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